Canada stands to benefit from the latest U.S. move to scrap an old start-up initiative
June 12, 2018

Canada stands to benefit from the latest U.S. move to scrap an old start-up initiative

Developments in USA

The authorities in U.S. are thinking of rescinding the International Entrepreneur Rule, and at the same time Canada is making Start-Up Visa permanent. Canada is moving to building and growing start-ups with high-potential. There will be a bright future for immigrant entrepreneurs.

In the U.S., the Department of Homeland Security has proposed the elimination of International Entrepreneur Rule, which was introduced by President Obama. It was offering temporary residence to immigrant entrepreneurs who had promising start-up ideas.

The program is on the target by the administration of U.S. President Donald Trump since 2017. The DHS said the proposal regarding ending it comes from the belief that it lacks adequate protections for local workers and investors. Furthermore it is not a proper vehicle to attract and retain global entrepreneurs.

Condemnation

This proposal has been condemned by the National Venture Capital Association, calling it short-sighted and a major mistake. It said that there are many choices for excellent immigrant entrepreneurs presently to start a new enterprise anywhere in the world. The International Entrepreneur Rule facilitates the job creators to launch a start-up in the USA rather than at any other place.

Linda Moore, CEO TechNet, a network of technology CEOs and Senior Executives in the U.S. which is the voice of the innovation economy also had a similar view. This decision sends an alarming message to investors and entrepreneurs around the world that America has no need or place for them. Today, the U.S. has slipped to the 11th ranking in the world in innovation. Additionally, the economic competitors like the United Kingdom, Canada, France, and Singapore, have a dedicated entrepreneur visa for attracting job creators.  Such a decision marks a step backwards for the country.

Start-Up Visa Canada is now permanent

Canada serves as an ideal example of granting dedicated entrepreneur visas through the Start-Up Visa Program. It commenced operations in 2013 as a pilot project for five-years and the Government made it permanent in March 2018. Ahmed Hussen, Minister of Immigration, said that the program helps the government to have an innovation and skills plan.  Nurturing entrepreneurship and the growing the start-ups are of great importance to the economy of Canada. Furthermore, making the Start-up Visa Program permanent is a part of the support of this agenda.

This Program facilitates the entry of entrepreneurs who intend to establish an innovative start-up in Canada. Moreover, it must create jobs and can compete globally.

Immigrant entrepreneurs have to obtain a minimum investment from an assigned business group in Canada, to gain the approval.

Unique features

The program has a unique feature and provides Canadian PR to successful candidates despite the consequences of the success or failure of the venture. Similar programs in other countries, only offer a temporary residence.

The Start-Up Visa program is one of several options for entrepreneurs who intend to establish themselves in Canada. Canadian provinces/territories also manage the immigration streams in their Provincial Nominee Program with a focus on entrepreneurs.

Examples of entrepreneur streams with a link to PNP are available in Prince Edward Island, British Columbia, Manitoba, Saskatchewan, Ontario, Nova Scotia, New Brunswick, the Yukon and the Northwest Territories. There is a dedicated entrepreneur stream in the province of Quebec also.

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